Daily Insurance Industry News
 
 
Daily Insurance Industry News
Monday 15th of October 2018
January 31, 2011

RSA appoints AME chief executive

by Richard Kilner

Story link: RSA appoints AME chief executive

Global insurer RSA has announced the appointment of Stuart Purdy as chief executive officer for the Asia & Middle East region (AME). Purdy brings in excess of a quarter of a century of experience to his new position with RSA, and during his lengthy career has worked both in the UK and in Asia. Presently, […]



Towergate announced Advent cash injection

by Gill Montia

Story link: Towergate announced Advent cash injection

Towergate Partnership has announced that it has entered into a conditional agreement in relation to a £200 million investment by Advent International. Under the deal, the private equity firm will acquire separate shareholdings in each of Towergate and Cullum Capital Ventures. The investment is conditional upon raising new debt facilities through the bank and bond […]



Towergate launches School Closures Insurance

by Gill Montia

Story link: Towergate launches School Closures Insurance

Towergate has launched School Closures Insurance, which is aimed at protecting parents against loss of earnings and additional childcare costs. The intermediary claims that the cover is the first of its type in the UK, costing £30 per annum for each child. Once a school has been closed for more than one day because of […]



Achilles’ offer for Brit: deadline extended

by Gill Montia

Story link: Achilles’ offer for Brit: deadline extended

The deadline for Achilles’ offer for Brit Insurance has been extended to 5th February. The recently incorporated Achilles has been formed by private equity firms Apollo Management and CVC Capital Partners, and its offer gives Brit shareholders who accept up to £11 in cash per share, while non-accepting shareholders will receive £10.45 per share in […]



January 29, 2011

Aviva’s wormery impresses Clean City judges

by Gill Montia

Story link: Aviva’s wormery impresses Clean City judges

Aviva has won the Chairman’s Cup in the City of London Clean City Awards, for the second time. The award is in recognition of best practice in waste management at the group’s head office, situated at 1 Undershaft, EC3. A key factor that impressed the judges was a wormery that is used to manage Aviva’s […]



January 28, 2011

Amlin announces pair of acquisitions

by Richard Kilner

Story link: Amlin announces pair of acquisitions

Amlin plc’s wholly-owned subsidiary Amlin Corporate Services Limited has announced that it has completed the acquisition of J R Clare Underwriting Agencies Limited from Mr John Clare. JCUA is a managing general agent which makes around £30m in UK household and commercial insurance premium income. From this point forward, Amlin UK will underwrite 100% of […]



Chubb reports Q4 and 2010 profits

by Richard Kilner

Story link: Chubb reports Q4 and 2010 profits

The Chubb Corporation has reported its financial results for the fourth quarter of 2010, during which it made a net profit of $620m, equating to $2.02 per share. This is a moderate decline from the $695m ($2.03 per share) the firm made in the corresponding period last year, but a slight rise on the $572m […]



Equinox Global appoints senior underwriter

by Gill Montia

Story link: Equinox Global appoints senior underwriter

Equinox Global has announced the appointment of Sarah Winstone as senior underwriter. The firm has only recently been established, exclusively to underwrite trade credit insurance, and Ms Winstone will be joining on 1st April. She is moving from Coface UK, where she held the post of key account manager responsible for multinational account relationships across […]



Ironshore appoints head of European Political Risk

by Gill Montia

Story link: Ironshore appoints head of European Political Risk

Ironshore Inc. has named P. Donald Harkey as head of Ironshore Europe’s Political Risk unit, which was established earlier this year, in Dublin. In addition, the specialty property and casualty insurer’s Pembroke Syndicate 4000 has entered into an underwriting agreement with Equinox Global that will allow Ironshore Europe to expand its Political Risk and other […]



January 27, 2011

LV= appoints non-executive director

by Richard Kilner

Story link: LV= appoints non-executive director

LV=, the mutual insurance, retirement and investment group, has announced the appointment of Cath Keers as a non-executive director. Keers brings more than two decades of experience in both the marketing and sales sectors to the firm and will broaden the diversity of the board by bringing to it her wide-ranging knowledge from the retail […]



Equitable Life policyholders receive 22% of relative losses

by Gill Montia

Story link: Equitable Life policyholders receive 22% of relative losses

Ministers have accepted the recommendations of the Independent Commission on Equitable Life Payments, regarding the allocation of the £775 million fund set aside to compensate the failed mutual’s non With Profits policyholders. The Commission has recommended a pro-rata allocation of the fund, to be paid in proportion to the size of relative losses. The outcome […]



January 26, 2011

Europa Technologies upgrades CRESTA offering

by Gill Montia

Story link: Europa Technologies upgrades CRESTA offering

Europa Technologies has announced a major upgrade to its digital CRESTA zone product used by insurers and reinsurers. CRESTA, which stands for Catastrophe Risk Evaluating and Standardising Target Accumulations, is an industry standard that helps insurance companies assess and present risk, based on a zoning system established by some of the world’s leading reinsurers. Developed […]



Britons lose faith in property as investment

by Gill Montia

Story link: Britons lose faith in property as investment

The number of people who see property as the best long-term investment fell by almost a third in the final three months of 2010, compared with the previous quarter, while savings accounts, stocks and shares and national savings all saw an increase in favourability among savers and investors. The findings come from the Association of […]



Hiscox expects “healthy” household profit despite winter freeze

by Gill Montia

Story link: Hiscox expects “healthy” household profit despite winter freeze

Hiscox has reported that most of the “significant and expensive” catastrophes of 2010 occurred in areas where the insurer had deliberately reduced exposure, due to weak rates. The firm estimates net claims arising from the UK winter freeze during November and December at £16 million, but says its UK household business remains on track to […]



January 25, 2011

XL appoints Nordic region general manager

by Richard Kilner

Story link: XL appoints Nordic region general manager

XL Insurance has announced that Peter Wullimann has been appointed to lead the firm’s endeavours in the Nordic Region, as general manager. Wullimann brings extensive experience to his new role, having worked in the commercial insurance market for almost 20 years. He joins XL Insurance from Chartis, where he occupied a number of roles and […]



Markel appoints Hong Kong leader

by Richard Kilner

Story link: Markel appoints Hong Kong leader

Specialist insurer Markel International has announced the appointment of Ada Lam as development underwriter and head of the firm’s office in Hong Kong. She brings over 17 years of experience to her new position with Markel and will be tasked with leadership of the firm’s North Asia portfolio, fostering deeper relationships with clients across the […]



FSA launches “product intervention” debate

by Gill Montia

Story link: FSA launches “product intervention” debate

A new consumer protection strategy could result in the sale of some financial products being banned, or restricted, the Financial Services Authority (FSA) suggests. The regulator has today published a discussion paper inviting public debate on the subject of product intervention, and setting out a range of future interventions that could be introduced once the […]



Guernsey side steps Solvency II

by Gill Montia

Story link: Guernsey side steps Solvency II

The Guernsey Financial Services Commission (GFSC) has issued a joint statement with the States of Guernsey Commerce and Employment Department, saying that the island’s authorities have no plans to seek equivalence under Solvency II. According to the Commission, Guernsey remains committed to meeting internationally accepted regulatory standards as set by the IAIS. These will be […]



Lloyds’ general insurance chief heads for Friends

by Gill Montia

Story link: Lloyds’ general insurance chief heads for Friends

The head of general insurance at Lloyds Banking Group is reported to be quitting his post to take up the role of chief executive at Friends Provident. Andy Briggs is expected to make the switch within the next six months, having moved from Scottish Widows to become Lloyds’ chief executive, general insurance, during a shake-up […]



DUAL launches Public Offering of Securities product

by Gill Montia

Story link: DUAL launches Public Offering of Securities product

Specialist underwriting agency, DUAL Corporate Risks, has launched a standalone Public Offering of Securities Insurance (POSI) product that provides cover for directors, officers and other assureds for claims arising out of any listing documentation relating to a Public Offering. Capacity is being provided by Arch and Hiscox, with limits of indemnity up to £10 million, […]